California AB159 exempts qualified wildfire disaster settlement payments from personal income tax.

California AB159 amends the Revenue and Taxation Code to exclude from gross income any settlement payments received by qualified taxpayers in connection with a qualified wildfire disaster. A qualified wildfire disaster is defined as any wildfire for which the Governor or the President has declared a state of emergency or major disaster. Qualified taxpayers include those who own property or have a business in the affected area and incurred expenses due to the wildfire. The bill also appropriates $10,000 from the General Fund to the Franchise Tax Board to administer these settlements.

California AB159 exempts qualified wildfire disaster settlement payments from personal income tax.

California AB159 amends the Revenue and Taxation Code to exclude from gross income any settlement payments received by qualified taxpayers in connection with a qualified wildfire disaster. A qualified wildfire disaster is defined as any wildfire for which the Governor or the President has declared a state of emergency or major disaster. Qualified taxpayers include those who own property or have a business in the affected area and incurred expenses due to the wildfire. The bill also appropriates $10,000 from the General Fund to the Franchise Tax Board to administer these settlements.